Belmont Park racecourse, one of two major horse racing venues in Perth, will not be needed in the long term, according to a report recommending a major shake-up of Western Australia's racing assets.

The report by independent consultants GHD was commissioned last year by Racing and Wagering WA to address the needs of the state's racing industry for the next 20 to 40 years.

It proposed Ascot racecourse should remain the premier racing venue in metropolitan Perth, stating the track's multi-purpose use for training, racing and stabling was a more efficient use of resources than Belmont Park, which is only used for racing.

Perth Racing had previously committed to a redevelopment of Belmont Park.

The paper highlighted the need for multi-use facilities to be located in or near high-growth population centres such as Mandurah and Rockingham.

Lark Hill, an existing training complex in the City of Rockingham, was identified as having the potential to be the home of thoroughbred racing in the southern metropolitan area, which could be expanded to an events facility with on-course stabling.

WA Racing Representative Group chairman Michael Grant agreed a second metropolitan racecourse was needed but did not believe Lark Hill was the best alternative.

"I can see merit in the view of establishing a new facility given that Belmont needs to be totally re-done," he said.

"But [Lark Hill] would totally have to be re-done from scratch as well. The track there is not suitable for racing, hasn't got the appropriate drainage and all that sort of stuff.

"The size of it, you need new grandstands and you'd have to deal with issues of wind being on the coast so as to not interfere with the ability of horses to race to their best levels."

The report also recommended Gloucester Park be retained as Perth's premium venue for harness racing, noting its location was in close proximity to the new Riverside development and Perth Stadium, which would provide greater awareness and exposure.

GHD also noted the Northam thoroughbred track may not be needed in the ideal long-term asset mix.